Yep. Looks like a one ring violation to me, so at least you don't have to go down several rings to fix anything.
I've left some violated pin knots before, but only if the area is stiff or it's a particularly wide bow. I also don't have any reservations about sanding the pin knot to round the point as long as I could, if I wanted to, wrap the thing in sinew (I don't, but that's my rule of thumb).
Chase the next ring and leave the pin knots for last. Work right up to them and then switch from the draw knife to whatever you're more careful dancing around the pin knots with.Once you've reached the base of the pin knot you can switch to some 80 grit sandpaper and pinch/twist to clean the point off a little at a time, then smooth the tip if you feel so inclined.
That's some nice color for BL, I'm sure it'll make a great bow